One of the most important decision Landlords make is whether to manage their rental property themselves or enlist the services of a professional manager. DIY property management may sound easy, but it can be quite complicated and complex with numerous traps.
Issues facing landlords is the legal implication, as risk management is now an essential part of property management. You must ensure that if you are going to do it yourself, then you need to have a thorough understanding of the tenancy legislation and the extensive paperwork that is required. The day-to-day issues and problems that come up need to be addressed. While common issues that you will find emerge are tenants getting behind in their rent, having pets without approval, garden and lawns not being maintained, extra tenants that are not originally accounted for, general maintenance repairs that happen while you are on holiday, and the list goes on.
Landlords need to be careful not to develop a personal connection with their tenants, as they will feel uncomfortable chasing rent arrears. Property Managers are emotionally removed, and it becomes part of their daily routine.
Peace of mind is one of the biggest advantages of putting your investment in the hands of a Property Manager. There are costs involved in employing an expert. However, Landlords paying for a professional service can use these as a taxable deduction when filing tax returns on their investment. Property Managers can also advise on how to best present the property to ensure that a Landlord attracts a good tenant.
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